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China State Construction’s property sales up 36.6% in Jan-Aug

Sep. 12, 2012 (China Knowledge) - China State Construction Engineering Corp Ltd<601668>, China's largest property and construction conglomerate, announced yesterday that its property sales surged 36.6% year on year to RMB 83.9 billion in the first eight months of this year.

The company said in a statement that its sales area amounted to 7.01 million square meters, up 50.4% YoY.

During the period from January to August, the company added 5.47 million sq m of land reserves, bringing its total land reserves to 63.05 million sq m as of the end of last month.

The Shanghai-listed firm signed almost RMB 611.1 billion worth of construction contracts in the first eight months, up 11.2% YoY. In the same period, the company started 121.60 million sq m of properties, down 2.2% YoY, and completed 21.26 million sq m of properties, reflecting a growth of 6.9% YoY.

The company said last month that its net profit rose 10.1% YoY to RMB 6.53 billion in the first half of this year.

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